Citi recruits executive for alternatives business from Carlyle

Citi has recruited Ned Kelly from Carlyle as a senior executive in its alternative investments business, one of three appointments intended to boost the group's position in alternative investments, Latin America banking and the US cash equities business.

As president of Citi Alternative Investments, Kelly will report to John Havens, the division's chief executive, chair the CAI management committee and assume responsibility for the growth of the business, which has more than USD59bn in assets under management in private equity, hedge funds, real estate, structured products and infrastructure vehicles.

Kelly joined Carlyle as recently as last summer as a managing director and co-head of the Carlyle global financial services partners group alongside David Zweiner. Previously he was chairman, chief executive and president of Baltimore-based Mercantile Bankshares, which he joined in 2001 and ran until its acquisition by PNC Financial early last year.

Before joining Mercantile, Kelly spent six years at J.P. Morgan, which he joined in 1994 as general counsel and secretary, subsequently becoming a managing director and head of the global financial institutions group. Following the bank's merger with Chase Manhattan, he became co-head of investment banking client management as well retaining the financial institutions group position.

Kelly was previously a partner with the law firm of Davis Polk & Wardwell, working in its offices in Washington, London and New York and specialising in financial institutions. At the beginning of his career he served as a law clerk to Supreme Court Justice William J. Brennan and US Court of Appeals Judge Clement F. Haynsworth.

Citi has also recruited JP Morgan and Goldman Sachs veteran Jaime E. Yordan as vice-chairman for Latin America in its global banking business, while Armando Diaz joins Citi's global equities business as head of US institutional cash trading. Diaz also spent 19 years at Goldman Sachs, most recently as a partner managing single stock cash and derivatives trading.

'We are delighted to welcome these three well-respected, seasoned and talented professionals to Citi,' says the group's new chief executive Vikram Pandit, who joined only last year as chief executive of Citi Alternative Investments when Citi acquired his hedge fund management firm, Old Lane. 'Each will play a key role as we continue to move ahead in areas with significant growth opportunities for the company.'